Current: West Surrey is in a Seller Market with an average listing inventory, 24 %SOLD rate and a 98% Sell/List Ratio.
(This means that there is an average of a $18,700 sales discount from the original list price)
Most Active Range: Homes between $850,000 - $940,000 have 38.1 %SOLD rate.
Least Active Range: Homes above $1.45 mill. have 10.6 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $69,675.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $73,696.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 538 homes are for sale and with the 24 %SOLD monthly rate gives us a ~4 months of inventory. 9% of the active listings have reduced their price by $46,004 on average or $40,000 median in the last month. We project West Surrey to be a Seller market.
October's Real Estate Statistics shows that in this highly emotional market that all 100% of the Single-Family Homes in Metro Vancouver are in a Seller's Market. This is the 1st time all markets are rising since May 2017. The Average Monthly Prices increased $19,518 which is the highest increase we have seen this year or for any October on record. Same in Fraser Valley, 94% of market increased with $23,580 monthly price increase. Thus, we are forecasting that Lower Mainland Markets (both fraser Valley and Metro Vancouver Markets) will continue to be Seller’s Market for the coming month.
Currently, Condos are also in a much cooler Seller's Market with 60% of the Greater Vancouver (Lower Mainland) Condo Prices increasing. The average monthly price increase was $1,238. At the same time, 27 out of 28 Townhouse Markets increased an average of $2,980. We analyze and provide 97 individual City's Home Price Indexes to supply you with the MOST ACCURATE Market Trends every Saturday. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.